FINANCIAL AUDIT

In the context of the evolution of global economy, including our own country’s economy, a financial auditor is a professional who can help, to a significant extent, remedy the economic climate and restore confidence in the initiatives, honest and relevant measures of overcoming the economic crisis. Through professionalism, independent and transparent attitude in conducting audits by developing quality reports in accordance with international standards and the Code of Ethics of the profession, the auditor meets the expressed public interest regarding the accuracy of evaluated businesses, while fulfilling an important social role.

 

FINANCIAL AUDIT

 

Financial audit involves examining financial data in a professional manner and expressing an independent opinion, making reference to certain quality criteria. Regarding the actual audit activity, it involves:

  • drawing up annual audit reports (short form report for the Trade Registry and detailed report confidential letter) in accordance with the International Standards on Auditing, accepted by the Chamber of Financial Auditors of Romania
  • comparative analysis of key financial indicators of the company identifying the most appropriate accounting policies
  • assessment of internal audit

 

INTERNAL AUDIT

 

Internal audit involves an objective examination of the entire array of activities of a company in order to provide an independent assessment of risk management, control and process management.

It may be carried out by people inside the company, but it can also be outsourced to a company / person trained and certified by the Chamber of Auditors of Romania.

The objectives of internal audit are:

  • to verify that the work of the organization complies with its policies, programs and management according to law
  • to assess the accuracy of financial and non-financial examinations ordered by the economic entity, if they are implemented and to what extent, in order to increase the efficiency of the organization
  • to assess the accuracy of financial and non-financial information provided to the economic entity’s leaders, for a better understanding of the organization`s position
  • to protect off-balance and balance sheet information and identify methods of preventing fraud and losses of any kind.

 

STATUTORY AUDIT

 

Statutory audit and legal audit involve an examination carried out by a professional accountant, in a competent and independent manner, regarding the financial statements of an entity in order to express a reasoned opinion on the true, fair, clear and full image of the financial position and the performance achieved by it.

 

TAX AUDIT

 

Tax audit is required for:

  • assessment of pre-issued regulations regarding the achievement of a given objective
  • comparative assessment between the actual situation and default rules

According to ISO standards, an audit is “a methodical examination conducted to determine whether activities and relative results of the reviewed subject meet the pre-issued provisions and whether those provisions are put into practice in an effective and suitable manner, which enable the fulfilment of objectives.”.

 

EUROPEAN FUNDS AUDIT

 

Monitoring and verification of grants (European, Phare, ISPE, SAPARD, POS DRU (Sectoral Operational Programme for the Development of Human Resources), POS MEDIU (Sectoral Operational Programme Environment), AM POSDRU, POR, POTCA, etc.).